Tuesday, May 14, 2013

Valuing lives and limbs

Good story here on MSNBC on the person who will determine how much each victim of the Boston bombings will receive.  In my principles of microeconomics class, we spend a short amount of time looking at how economists would value a person's life.  (By their choices, of course!)  I'm not sure how this person does it, but it probably isn't based on the value of a life calculations, however.  I suspect he uses methods similar to what a forensic economist use to determine how a person should be compensated in cases of wrongful death, etc.

Note: I think this is the first time I've ever linked to MSNBC.  Could also be the last.  

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